Global Healthcare Payer Services Market size is anticipated to reach USD 69.2 billion by 2024. Healthcare payer services are outsourced by healthcare insurance providers and payers. The factors that propel the growth of the healthcare payer services market include increasing frauds regarding healthcare, federal mandates in the U.S., increasing payer workload, in-house shortage of skilled personnel, and dynamic nature of health profit plan designs.
On the other hand, there are factors that may hamper the growth of the market including unforeseen costs associated with outsourcing, loss of managerial control, and increasing occurrences of data breaches, and loss of privacy. Healthcare payer services industry is anticipated to grow at a significant CAGR of 8.5% in the upcoming period as the scope, product types, and its applications are increasing across the globe.
Healthcare payer services market could be explored by outsourcing services, application, end user and geography. The market could be explored by outsourcing services as ITO, KPO, and BPO. The “BPO Based Payer Services” segment led the healthcare payer services industry in 2015 and is anticipated to maintain its dominance by 2024. The key factors that may be attributed to the growth of market includes increasing focus to reduce the overall administrative cost of claim management services & member services and rising healthcare cost.
The key applications that could be explored in the healthcare payer services industry include Member Management Services, Integrated Front Office Service and Back Office Operations, Billing and Accounts Management Services, Claims Management Services, Provider Management Services, HR Services, and Analytics and Fraud Management Services. The “Analytics and Fraud Management Healthcare” segment led the market of healthcare payer services in 2015 and is anticipated to maintain its dominance by 2024. The key factors that may be attributed to the growth of market includes increasing overall health care spending and the increasing demand for low-cost skilled professionals.
The healthcare payer services market could be explored based on end use as Public Payer and Private Payer. The “Private Payers” segment led the healthcare payer services industry in 2015 and is anticipated to maintain its dominance by 2024. The key factors that may be attributed to the growth of market includes increasing private investment in the healthcare payer vertical and rising government support to promote private investment in the healthcare industry.
North America accounted for the major market share of the healthcare payer services in 2016 and will continue to lead in the forecast period. The factors that could be attributed to the growth include extensive technological developments in the region, increasing number of people opting for health insurance, rising implementation of ICD-10 codes in the U.S., the occurrence of developing IT and healthcare infrastructure, growing number of healthcare payer services providers. North America is followed by the European region owing to the enhanced digitization of healthcare procedures and implementation of technologically progressive systems in the region.
Some of the key players that fuel the market growth of healthcare payer services comprise Cognizant, Accenture, ExlService Holdings Inc, Concentrix Corporation, Teleperformance Group, Hexaware Technologies, HCL Technologies, Genpact, First Source Solutions Limited and Conduent. The leading companies are taking up partnerships, mergers and acquisitions, and joint ventures in order to boost the inorganic growth of the industry.
Healthcare Payer Services Market Outsourcing Services Outlook (Market revenue in USD Billion, 2013 - 2024)
Healthcare Payer Services Market Application Outlook (Market Revenue in USD Billion, 2013 - 2024)
• Claims Management Services
• Integrated Front Office Service and Back Office Operations
• Member Management Services
• Provider Management Services
• Billing and Accounts Management Services
• Analytics and Fraud Management Services
• HR Services
Healthcare Payer Services Market End-use Outlook (Market Revenue in USD Billion, 2013 - 2024)
• Private Payer
• Public Payer
Healthcare Payer Services Market Regional Outlook (Market Revenue in USD Billion, 2013 - 2024)
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
• South Africa
Research Support Specialist, USA